Requirement of depreciation account
Write down the requirement of depreciation account?
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The costs incurred in the accounting year must be matched with the income or revenue earned throughout the similar accounting year. Therefore, it is essential to spread the cost of fixed asset less realizable or scrap value after the useful life of the fixed asset is end and this procedure of ascertain the similar is named as depreciation accounting.
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he following information is taken from the financial statements of an entity: 20x4 20x3 Property, plant and equipment $4,600,000 $4,200,000 Accumulated depreciation (1,800,000) (1,350,000) Depreciation expense 560,000 Gain on disposal of PPE 65,000 The asset disposed of had a cost
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